固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The Asset G3 Bond Benchmark Review 2026 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk We hope you found our commentaries and ideas helpful. Weseek to elevate ourefforts and value-add further in the coming year. We highly appreciate yoursupport to us in Sell-Side Analysts of the polls of “The AssetG3 Bond Benchmark Asian IG space tightened 1-5bps this morning amid better buying across thespace. Japanese and European AT1s and insurance subs rose 0.3-1.0pt.GLPCHI 29/GLPSPs gained 0.7-1.8pts. SOFTBK 61-65 were 0.6-0.7pthigher. EHICAR 27’ and 29’ lost 1.0-1.1pts. LNGFOR 29 was 0.4pt lower. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk SMCGL:BESS and new capacity drove strong revenue growth and marginexpansionin 1Q26.Maintain buy on SMCGLs.SMCGL Perps wereunchanged to 0.1pt higher this morning. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk VNKRLE:Vanke has scheduled meetings for holders of23WankeMTN003and23WankeMTN004 notes on 5 Jun'26.The o/s principal for23WankeMTN003 is RMB2bn will be due on 15 Jun'26 and the o/s principalfor 23WankeMTN004 is RMB2bn on 7 Jul'26. VNKRLE 27’ and 29’ were Trading desk comments交易台市场观点 Last Friday,KIOXIA 30-33s rose 0.6-1.3pts on the back of AM and RMbuying. Fitch and S&P upgraded Kioxia by one notch to BBB-from BB+ asearnings and financials improved beyond expectations;outlook stable.SOFTBKs gained 0.1-0.7pt. SUMIBK/MIZUHO/NOMURA traded 2-3bpstighter. In FRN space, 3-5yr JP/CN/AU financial papers closed 1-2bps tighteramid better buying from PBs. Chinese IG names MEITUA/AACTEC and TWlifers closed 2-5bps tighter amid balanced flows (better buying from PBs andbanks vs profit taking from AMs).BTSDF 28 closed 0.3pt higher. WESCHI28-29 were unchanged to 0.3pt higher. The Macau gaming complexestraded 0.1pt lower to 0.3pt higher. In Chinese properties, VNKRLE 27’ and29’ were unchanged to 0.3pt lower. Vanke has scheduled meetings forholders of 23WankeMTN003 and 23WankeMTN004 notes on 5 Jun’26. Theo/s principal for 23WankeMTN003 is RMB2bn, which will be due on 15Jun’26; the o/s principal for 23WankeMTN004 is also RMB2bn, to be due on7 Jul’26. FUTLAN 28/FTLNHD 27-29 were 0.2pt lower to 0.2pt higher.LNGFOR 27-32 were unchanged to 0.2pt higher. In SE Asian space, In LGFV space, we saw active two-way flows in short-dated and lower-yielding issues among HFs, RMs and Marco News Recap宏观新闻回顾 Macro–S&P (+0.37%), Dow (+0.58%) and Nasdaq (+0.19%) were higher last Friday. 2/5yrUST yield werehigher last Friday. 2/5/10/30 year yield was at 4.13%/4.27%/4.56%/5.07%. Desk Analyst Comments分析员市场观点 SMCGL:BESS and new capacity drove strong revenue growth and margin expansion in 1Q26. Maintain SMCGL reported a decent set of 1Q26 results, thanks to the growing contributions from new renewable andBESS facilities.We maintain buy on SMCGLs in view of the improving operating profile, good access to variousfunding channels and pro-active liability management.Within the curve, we prefer SMCGL 8.125 Perp andSMCGL 8.95 Perp given their decent YTC, better trading liquidity, and high likelihood of first call redemption.We also have buy recommendation on PCORPM 7.35 Perp issued bySan Miguel Global Power (SMCGL)’s SMCGL is expanding its renewable energy portfolio, i.e. solar, hydropower, and battery energy storage system(BESS) network.SMCGL’s 1Q26 revenue increased 26% yoy to PHP53.6bn, driven by the full quartercontributions from Mariveles, Masinloc and San Roque Hydroelectricpower plants and five battery energystorage system (BESS) facilities, partially offset by the loss of revenue from Ilijan and Batangas Power Plantswhich had been deconsolidated since Jan’25 following the completion of Chromite transaction. Its cost of powersold declined 21% yoy to PHP23.3bn in 1Q26, on lower volume of power purchased given the improved net PHP32.2bn, due to the absence of theone-off valuation gain of PHP21.9bn from the Chromite transactionbooked in 1Q25 and higher forex losses. Excluding the valuation gain and forex losses, SMCGL’s recurring In 1Q26, SMCGL’s higher operating profit more than offset increase in receivables, leading to25% yoy increasein operating cash flow to PHP19.9bn.Its capex increased to PHP10.2bn from PHP3.4bn in 1Q25, mainly onthe Masinloc Unit 4 and 5, solar, and BESS projects.We expect that SMCGL continues to fund its capexthrough operating cash inflow.As of Mar’26, SMCGL’s cash and cash equivalent increased to PHP122.1bnfrom PHP101.5bn as of Dec’25, and total debts slightly increased to PHP601.3bn. Total debt/LTM recurring We like SMCGL for its good access to onshore and offshore funding channels. On 17 Mar’26, SMCGLreceivedregulatory approval to issue up to PHP30bn (cUSD500mn) in onshore bonds, planned across three tranches,i.e. 5.25yr, 7yr and 10yr. Part of the net proceeds will be earmarked to refinance its onshore Series J and Series News and market color Regardingonshore primary issuanc